New Business

Im going to be launching a new business website for people to list there rentals, houses, and foreclosures. My new thing to it is having a foreclosure section where agents can pay me to list there foreclosure instead of what we all know as we pay to see the foreclosures. Do you think this will work or should i just stick to the norm?

Why would they pay you to list? what do you have to offer in return?

Well im speaking in terms of down the line when i have mass amounts of unique users a day. Im just asking if this would be a good idea.

Honestly it would be difficult to say… in general, realtors are cheap and very few of them would pay to list when they are advertising for free on Craigslist. Now, will it work? maybe… it depends how heavily you market your website and position it as the place to be. for example became a well known website for people to post their rehabs on but they market it in many major cities. They make their money by selling exclusive advertising to agents (they wanted $800/month for my county). If they have not positioned theirselves and advertised to become a well known site, then they would have not been able to sell advertisement (they either have courses or working on courses as well).

Now, this is coming from someone who talked a friend out of offering free email accounts to the public back in early 90s, so keep that in mind :slight_smile: he could have become rich!

lol thanks for the information and yes to get a website like this off the ground and running hard it takes alot of money in advertising. Also dont forget that the foreclosure section will only be one section of my website, i still have rentals and housing for everyone else.

only 1 way to find out… try it

there is a website here in houston that does something similar. distressed sellers list their homes on that website for potential investors to bid or offer on that home. They charge a monthly fee to the buyers, which are all investors.

Not sure if your website model would work. Foreclosures are listed with agents, who list on the MLS. Thats pretty much all they do. Foreclosed properties tend to sell themselves, the agents take the worst pictures and dont bother doing any other work on it. Foreclosures might not work on your site model, but rentals might. More than likely, if someone is using the internet to look for homes, they know how to use mls listing sites.

Here in Virginia agents pay A LOT of money to belong to the association of realtors and have access to the MLS. When it comes to foreclosure properties here they sell themselves if they are a deal or if the bank is motivated. Either there isn’t enough equity in them for the realtor to get a commission as in the case of most pre forclosures. By the time the property is an REO the most they can be sold for is the dollar amount the bank foreclosed on. There is no true incentive for a realtor to spend extra marketing dollars on a foreclosed property. Often here the listing agent on an REO won’t even meet you at the property to give access.